Crude oil climbs on fading threat of default

NEW YORK, Oct. 16 (UPI) -- Crude oil prices took off Wednesday as lawmakers in Washington neared a deal to end the government shutdown and avoid the possible calamity of default.

The Senate was expected to vote on the proposals before the end of the day and House Speaker John Boehner said he would make sure the bill would be put up to a vote in the lower chamber, The Wall Street Journal reported.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added $1.10 to reach $102.31 per barrel. Reformulated blendstock gasoline prices added 4.16 cents to $2.7014 per gallon. Home heating oil gained 2.47 cents to $3.0417 per gallon. Natural gas lost 2 cents to reach $3.77 per million British thermal units.

At the pump, the national average price of unleaded gasoline added a penny from Monday to Tuesday to $3.357 per gallon, AAA's Daily Fuel Gauge Report said.